Our Thinking · Regulatory & Compliance
The European Securities and Markets Authority (“ESMA”) has published its first Supervisory Convergence Work Programme 2016 (the “Programme”), detailing the activities and tasks it will carry out to promote sound, efficient and consistent supervision across the EU. The Programme also sets out to provide comparable regulatory outcomes.
Our Thinking · Commercial & Corporate
While most will have a clear idea of the distinction between the law of torts and contract law, there is one particular area which continues to be discussed amongst professionals – the distinction between contractual and tortious negligence. In the attached document below, we have provided for you a key summary of both, and their […]
Our Thinking · Public Funds · Regulatory & Compliance
On 2 February 2016, the FCA published policy statement (PS16/2), which sets out the proposed rules and guidance for implementing the UCITS V Directive. PS16/2 has a particular focus on the requirements applicable to management companies and the changes to the regime for depositaries following two related consultation papers (CP15/27 on UCITS V implementation and […]
Our Thinking · Public Funds · Regulatory & Compliance
In addition to the recent FCA policy statement regarding UCITS V, ESMA has also published a Q&A on the application of UCITS. As with the policy statement, both pieces of guidance will come into force on 18 March 2016. Unfortunately, as with the FCA’s recent policy statement, ESMA is unable to shed any light on […]
Our Thinking · Regulatory & Compliance
A draft of the amending legislation, FSMA 2000 (Regulated Activities) (Amendment Order) 2016 has been published and can be found here. There are a few principles amendments which will be noted relating primarily to the regulation of activities relating to peer-to-peer lending, mortgage lending and other credit granted to consumers.
Our Thinking · Regulatory & Compliance
In July 2016. the Financial Reporting Council (“FRC”) will publish the findings of its assessment of signatories’ compliance with reporting in regards to the 7 principles of the Stewardship Code (“Code”). According to the FRC’s website, over 200 Asset Managers have already complied with the first two principles by publishing statements of commitment to the […]
Our Thinking · Regulatory & Compliance
In December 2015, the FCA published its CP 15/43 Consultation Paper, the first of its consultation papers on the implementation of the Markets in Financial Instruments Directive II (“MiFID II”). The Consultation Paper focuses on areas where the FCA have sufficient certainty about the MiFID II legislation to be able to make proposals for implementation. […]
Our Thinking · Regulatory & Compliance
On 21 January 2016 the FCA published its CP16/4 Consultation Paper on crowdfunding and segregation of client assets. In the paper, the regulator consults on rules to simplify the current client money requirements for firms that operate electronic systems in relation to lending (P2P platforms) and who hold both regulated and unregulated client money accounts.
Our Thinking · Regulatory & Compliance
As 2015 is now in our shadows and attention turns towards the numerous regulatory developments expected in 2016, we have compiled a high level summary of ESMA’s work programme for this year. To view the summary of ESMA’s 2016 work programme please see below document. Should you have any questions about any of the upcoming […]
Our Thinking · Public Funds · Regulatory & Compliance
On 4 January 2016, the Investment Association (“IA”) issued a guidance paper aimed at operators of UK authorised collective investment schemes. The paper aims to ensure that authorised fund managers are acting in compliance with COLL4.4.13R(3)(b) and paragraph 4C of Schedule 4 to the Open-Ended Investment Companies Regulations 2001. This is targeted specifically at satisfying […]
When regulation shifts, our General Counsel set out what has changed for your firm and the steps we recommend you take.
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